54
31. LOMBARD STREET,
LONDON, E.C.,
December 20th, 1905.
:
;
Dear Monsieur Francqui:-
I am in receipt of your letter of the 16th instant in which assuming that the agreement referred to in my letter to Monsieur Simon of the 5th December should ever become an accomplished fact, you intimate that the British Group would have to retrocede to the Belgian Group the profit on 55 of their deferred Shares.
In reply I have to inform you that your letter appears to be based upon an entire misunderstanding of the position. The negotiations with Monsieur Simon were on the basis of the Chinese Central Railways Agreement but were confined solely to the British and French Groups. Any Belgian participation, therefore, that the French Group desire to concede concerns only their interest and must be made out of their share the British interest remaining distinctly one half and as a British registered Company
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ch